Other Loan-Re­lated Tips. Gen­er­ally

Consumer Voice - - BFSI -

Al­ways pre­fer a float­ing rate of in­ter­est as com­pared to a fixed rate, which some banks want to of­fer. A float­ing rate would come down by a few notches if the econ­omy per­forms well and you could be one of the ben­e­fi­cia­ries of a ro­bust growth. Be on the look­out for a ‘loan mela’ or a ‘loan cam­paign’ in your res­i­den­tial/com­mer­cial area. Dur­ing this pe­riod, bankers tend to be ‘ag­gres­sive’ in sanc­tion­ing the loan with least de­lay (as it suits their tar­gets). Fur­ther, dur­ing this can­vass­ing, pro­cess­ing charges are ei­ther min­i­mal or could be to­tally waived. You could be in for an­other sur­prise: a small dis­count in rate of in­ter­est. Banks tend to ‘push’ their third-party prod­ucts along with the car loan. Re­sist all pres­sure, say­ing that such prod­ucts need not nec­es­sar­ily per­form well. While com­plet­ing doc­u­men­ta­tion, in­sist on your copy of the main ‘agree­ment’ along with a copy of the bank’s sanc­tion. While sub­mit­ting a loan ap­pli­ca­tion to the bank, su­per­scribe on the form the pur­pose of the loan, to thwart any later at­tempts by some shrewd bank em­ployee to mis­use your ap­pli­ca­tion for other pur­poses (is­sue of credit card, mu­tual funds, in­sur­ance, etc.). Never put your sig­na­ture on blank doc­u­ments. Read the doc­u­ments well be­fore af­fix­ing your sig­na­ture.

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